Spotlight

Indian equities are poised for a weak start as investors remain on edge amid escalating geopolitical tensions in the Middle East and a sharp surge in global crude oil prices. The renewed spike in energy costs has heightened concerns over inflation, prompting a rise in U.S. Treasury yields and reinforcing a broader risk-off mood across global financial markets.

WTI crude has climbed into the $92–93 per barrel range, while Brent has moved above the psychologically important $100-a-barrel mark, raising fresh concerns over global growth and the outlook for major oil-importing economies such as India. Early indications from Gift Nifty point to a gap-down opening for domestic equities, with the index trading near 23,700 compared with the Nifty's previous close of 23,869.60, suggesting investors are likely to remain cautious at the start of the session. 

On the geopolitical front, U.S. forces carried out fresh strikes on Iran as the military campaign entered its 13th consecutive night. The widening U.S.–Iran conflict continues to dominate global markets, with the Middle East remaining the primary headline risk and the ongoing escalation directly fueling the rally in crude oil prices. Adding to the cautious sentiment, concerns over the pace and sustainability of global AI-related capital spending have weighed on technology stocks globally, limiting risk appetite across equity markets. Global markets remained under pressure, with U.S. and European markets ending lower overnight, while Asian markets trading sharply weaker, led by declines of around 3% in both the Nikkei 225 and Kospi indices.
 
Domestically, the first-quarter earnings season is expected to keep stock-specific activity elevated as investors weigh corporate performance against an increasingly challenging macroeconomic backdrop. While earnings have been mixed so far, management commentary and forward guidance are emerging as the key drivers of market sentiment. The information technology sector is likely to remain in focus after Infosys reported its first-quarter results after market hours on Thursday.  Although the company reported 12% year-on-year (YoY) growth in its consolidated net profit at Rs 7,769 crore in the first quarter of FY27, its decision to lower the upper end of its FY27 revenue growth guidance disappointed investors, sending its American Depositary Receipts (ADRs) sharply lower in New York trading.  

Technical view

Nifty 50

Nifty 50 is expected to trade with a cautious to negative bias. The index continues to remain below its key short-term moving averages, indicating sustained weakness in the broader technical structure. From a technical standpoint, the 24,000 mark has now turned into the immediate resistance, followed by the 24,200 zone, which remains the stronger overhead hurdle. A sustained move above these levels will be required to revive buying momentum and improve the near-term outlook.
 
On the downside, the 23,800 zone continues to act as the immediate support, having held firm in the previous session. A decisive break below this level could trigger renewed selling pressure and push the index towards the 23,700–23,500 support band. Overall, the near-term technical structure stays fragile. Sustaining above 23,800 is essential to prevent further downside, while reclaiming 24,000 on a sustained basis would be key to stabilizing sentiment and shifting the bias back towards recovery.

Bank Nifty

Bank Nifty is expected to trade with a negative bias, extending the sustained weakness witnessed over recent sessions. The index continues to hold below its key resistance levels and remains just above its 200-day EMA (56,495), indicating that bears remain firmly in control of the near-term trend. From a technical perspective, the 56,800–56,900 zone stands as the immediate resistance, followed by the 57,200–57,300 zone further above.
 
On the downside, the 56,400–56,300 zone remains the immediate support, having held firm in the previous session. A decisive break below this level could accelerate selling pressure and drag the index towards the 56,000–55,800 support zone. Overall, the near-term technical outlook stays bearish, a sustained move above the 57,000 mark will be essential for the index to meaningfully improve its near-term technical structure and shift momentum in favour of the bulls.